Below table represents buyers’ willingness to pay for a roasted chicken and consider that there is only one supplier whose cost to produce 1 unit of the product is $2 and current price in the market is $6. Calculate total surplus in this market. (1 point) Abraham SmithChuck
Willingness to pay $10 $7$5

$13

Explanation:

total consumer surplus = ($10 - $6) + ($7 - $6) = $4 + $1 = $5

total supplier surplus = ($6 - $2) x 2 units = $4 x 2 = $8

total surplus in the market = consumer surplus + supplier surplus = $5 + $8 = $13

Since the price is higher than Chuck's willingness to pay, no transaction will occur resulting in 0 surplus.

21

Explanation:

From the question, we are told that CodeDesk Inc matches programmers with freelance jobs and that it has 35 employees who staff its online chat room and also receives, on average, 250 chat requests per hour, and that the average chat session takes 5 minutes to complete.

To get the number of chat sessions that are active will be:

= (5 minutes × 250)/60 minutes

= 20.83

= 21 approximately

It should be noted that 60 minutes makes 1 hour which was the reason the values were divided by 60